The agreements were signed during the annual Korea-Indonesia Energy Forum held on the island of Jeju in South Korea.

Indonesia’s CBM reserves are among the largest CBM reserves in the world. Currently, the country’s reserves are estimated to be around 453 trillion ft3, according to market analysts Indonesia Investments. This means the country sits on roughly 6% of worldwide CBM reserves. It is also more than double the country’s natural gas reserves. However, Indonesia’s utilisation of the energy resource remains low.

South Korea, meanwhile, has recently introduced a tougher tax aimed at curbing carbon emissions, as it looks to transition to a cleaner energy mix.